Brookfield India Real Estate Trust (BIRET) Q3 25/26 earnings summary

Executive summary

• Achieved strong leasing performance in Q3 FY26 with gross leasing of 1.2 MSF, committed occupancy at 92% (up 5% YoY), and a major acquisition expanding presence in Bangalore and Mumbai.

• Completed the acquisition of Ecoworld, increasing operating area by 31% and consolidated GAV by 35%, making Bangalore the largest market.

• Distribution per unit for Q3 FY26 was INR 5.40, a 10% YoY increase; 9M FY26 DPU reached INR 15.90, up 14% from 9M FY25.

• Raised approximately INR 55 billion through a QIP and the largest ever sustainability-linked bond by an Indian REIT.

• Consolidated revenue from operations for Q3 FY26 was INR 6,904.37 million, up from INR 6,015.13 million YoY.

Financial highlights

• Net operating income (NOI) for Q3 FY26 was INR 5.4 billion, up 14% YoY; including North Commercial portfolio, total NOI reached INR 6.8 billion.

• Q3 FY26 distribution declared at INR 5.4 per unit, totaling INR 4 billion; 9M FY26 NOI was INR 15.5 billion, up 13% YoY, with total distributions at INR 10.6 billion.

• Operating lease rentals for Q3 FY26 rose 13% YoY to INR 5,003 million; revenue from operations increased 14.8% to INR 6,904 million.

• Earnings per unit for Q3 FY26 were INR 2.71, up from INR 0.63 YoY.

• Net worth as of 31 December 2025 stood at INR 199,127.97 million.

Outlook and guidance

• Embedded DPU growth of over 19% expected, driven by lease-up and reduced borrowing costs.

• High-90s occupancy targeted for all assets within 12–18 months, with strong leasing momentum expected to continue.

• DPU projected to reach INR 25.6 per unit within two years, assuming supportive leasing markets.

• The acquisition of Arliga Ecoworld is expected to enhance future revenue and cash flows.

• The Trust continues to comply with SEBI regulations, distributing at least 90% of NDCF to unitholders.